Global Mega Data Center Market Report 2021: Market was Valued at $20.88 Billion in 2020 - Forecast to 2029: BFSI is Expected to Dominate the End-user Segment
DUBLIN, June 8, 2021 /PRNewswire/ -- The "Mega Data Center Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts, 2021 to 2029" report has been added to ResearchAndMarkets.com's offering.
Globally, the mega data center market is expected to grow with a CAGR of 5.1% during the forecast period from 2021 to 2029, starting from US$ 20.88 Bn in 2020.
Transformation of information and communication technologies and evolution of new generations of data management techniques is likely to fuel the growth of the Mega Data Center Market
Globally, the information communication technology industry is going through a major transformation. Growing digital demand and virtualization is generating large amount of data which needs effective data storage and processing techniques.
Emergence of new and progressive technologies are enabling the shift from traditional data storage techniques to far more advanced versions of storage and processing facilities. Mega data centers is one such facility that can be referred as a single facility with over 15,000 or more services.
It was expected that by 2020, mega datacenters would play host to 70% of all service provider data center construction projects. Mega data centers offers high storage volume, bandwidth, computing abilities and assists large-scale data transfer processes. As they are cost-effective with respect to operations, reliable, and accessible, they can be utilized as effective solution to meet the demands of large-scale data storage.
Mega data centers have unique procurement and supply-chain management practices that strikes down costs. This helps the companies to minimize cost and thereby maximizing profit. However, high investment and installation cost and lack of technical support in developing and underdeveloped countries are likely to restrain the growth of this market during the forecast period.
BFSI segment is expected to dominate the end-user segment of mega data centers market
Globally, BFSI sector generates largest amount of data, which drives the need for efficient data center to regulate the cost of operations in this sector. BFSI requires efficient facilities to store customer records and transactions, conduct employee management, perform and manage electronic banking services, such as remote banking, self-inquiry, and telebanking. These activities need data centers for their proper functioning, thus drives the market for mega data centers in BFSI sector.
Most of the companies dominating the data centers market are based in North America, and thus contribute to the high market value of this regional segment. Moreover, companies are increasingly turning to the managed services, colocation, cloud services and other hybrid approaches to launch new products and services, assess new business models, and connect more with their customers. These activities fuel the demand for mega data centers in this region.
However, Asia-Pacific is projected to witness highest growth during the forecast period. Increasing demand for high-density, upgraded facilities throughout countries such as India and China is triggering a shift in the development of the data centers in these countries.
Moreover, owing to regulatory and security reasons, a number of organizations in India, are not allowed to host their data in a data center that is out of the country, especially from the BFSI sector. These and many such factors are likely to drive the growth of mega data centers market in Asia-Pacific region.
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SOURCE Research and Markets